VSTECS experienced strong bullish momentum on May 16, as it attempted to scale towards its multi-month high.
RHB Retail Research, in a note (May 17), said The stock managed to climb above the 21-day SMA line on Tuesday, on the back of strong momentum. Trading volume has increased in tandem with the share price, reaffirming that bullish momentum is in play.
After breaking past the MYR1.35 resistance, the bulls are eyeing to test the MYR1.43 level, followed by the MYR1.48 resistance. However, if the stock falls below the MYR1.30 support, the bullish setup will be negated.
SIAB is looking to extend its upside movement, after breaking past the MYR0.145 resistance on strong volume. We observed that the stock has been charting a series of “higher highs” and “higher lows” recently, showing that strong bullish momentum is underway.
If the positive price action follows through, the stock will test the MYR0.16 level, followed by the MYR0.17 resistance level.
Conversely, a fall below the MYR0.135 support would mark the start of a downside correction.
